Kenyan court lifts restriction on Dangote’s $16bn Lamu refinery
A Kenyan court has lifted an interim restriction on Aliko Dangote’s proposed $16 billion oil refinery in Lamu, allowing the
Aliko Dangote, the President and Chief Executive of Dangote Petroleum Refinery, revealed that the refinery aims to expand its capacity to 1.4 million barrels per day by early 2029, marking a 10 per cent increase from its current output of 500,000 barrels per day. The expansion will also see the refinery produce 2.5 million tonnes of polyolefin and 400,000 metric tonnes of linear alkylbenzene, two significant milestones for Africa's industrial development.
Dangote addressed concerns over the IPO's oversubscription, assuring smaller investors that they would be prioritized in the share allocation. He defended the offer price of N525 per share, calling it attractive and expressing confidence in the refinery's future financial performance. Dangote's remarks came during the final IPO roadshow organized by Financial Derivatives Company, which emphasized the IPO as an opportunity for Nigerians to transition from consumers to strategic investors in national infrastructure.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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